Florida House, Senate Reach $2.25B Budget Deal After Monthlong Stalemate

Florida House Speaker Daniel Perez and Senate President Ben Albritton announced an agreement on a budget framework for the 2025-2026 fiscal year, paving the way for detailed negotiations starting June 3 and a final budget vote expected on June 16. The deal includes a $900 million tax cut by eliminating the commercial lease tax, $350 million in permanent sales tax exemptions aimed at families, $250 million for debt reduction, and $750 million annually directed to the state's Budget Stabilization Fund, raising its cap from 10% to 25%. This budget framework emphasizes fiscal responsibility by reducing state spending, lowering per capita spending, and limiting the growth of state bureaucracy. Additional provisions under discussion include a new $100 million venture capital tax credit program, a Second Amendment sales tax holiday on firearms and ammunition, and a two-year delay of a natural gas fuel tax scheduled for 2026. Previous budget talks were stalled due to differences over tax cuts and spending, as well as veto threats from Governor Ron DeSantis, who has yet to comment on the new agreement. The legislature aims to finalize the budget before the fiscal year starts July 1, allowing the governor two weeks for potential line-item vetoes.